Mapletree Logistics Trust’s (MLT’s) distribution per unit (DPU) for 4Q 18/19 rose 4.5% year-on-year to 2.024 Singapore cents.

With that result, the REIT’s full year DPU for FY18/19 came in at 7.941 cents, representing an increase of 4.2% from the previous year.

The REIT’s gross revenue of SGD121.4 million and net property income (NPI) of SGD105.0 million for 4Q FY18/19, represented year-on-year increases of 13.0% and 15.0% respectively.

MLT has attributed this performance mainly to contributions from completed redevelopment projects, namely 76 Pioneer Road in Singapore and Ouluo Logistics Park Phase 1 in China, and its recent acquisitions.

However, the REIT’s overall growth was partly offset by absence of revenue from two divestments completed during the year.

Correspondingly, on the back of higher revenue and NPI, the amount distributable to unitholders increased by SGD14.1 million or 23.8% year-on-year to SGD73.3 million for 4Q FY18/19.

MLT renewed leases for approximately 829,678 square meters of space for its FY 18/19, with a positive average rental reversion rate of around 2%, and its portfolio occupancy improved from 96.6% a year ago to end the year at 98.0%.

Post completion of its divestment of five Japan properties in April 2019, the REIT’s aggregate leverage declined to approximately 36.2%, from 37.7% as at 31 March 2019.

The REIT will pay a distribution of 2.024 cents per unit on 13 June 2019 for the period from 1 January 2019 to 31 March 2019, and the books closure date is 7 May 2019.

MLT finished the trading day 1.3% higher from its previous close on the Singapore Exchange to end at SGD1.48.